Caterpillar Inc. (CAT:NYE) has hit a new 52-week high of $258.5 after Bank of America’s analyst Michael Feniger upgraded his rating from Hold to Buy on the industrial equipment manufacturer’s stock. Feniger also raised the Caterpillar stock price target from $217 to $295, which represents a 14% growth on the current price.
Caterpillar is a leading manufacturer of industrial equipment and has a global presence with around 160 dealers worldwide. Caterpillar stock price has been on an upward trend, gaining more than 50% in the last six months. This is attributed to the company’s impressive performance in recent quarters, as well as the huge demand and orders for its products. As a result, Caterpillar has been able to increase its prices, which has positively impacted its top line.
Feniger is optimistic about the company’s future, particularly in terms of supporting the company during times of higher costs. He also expects Caterpillar’s Q4 earnings to be “notably higher.” The company is set to report its Q4 earnings by the end of this month.
According to data from Stock Target Advisor, Caterpillar’s stock has a “Hold” rating based on 15 analyst recommendations. Caterpillar stock price target is $244.36, which is 5.18% lower than the current price level.
